Getting a loan on the same day of application would have seemed to be a far-fetched idea about ten years ago. But today, if you are an adult Australian citizen with any regular source of income, it is very much possible (and easy) for you to get a loan on the same day, in fact within hours, of application!
So, it is easy to understand that most adult Australian citizensare, quite easily, eligible to receive a same day loan.
Let’s try to find out more about same day loans.
How one deals with emergency situations can tell a lot about one’s character. However, there are certain situations when it’s not just about character. Resourcefulness counts for a lot, too.
To understand how same day loan equip you with resourcefulness, we need to define what same day loans really are.
In case of financial emergencies, there are very few reliable options for one to fall back on. Conventional options like bank loans or credit limit increments may not be of any use as they require days to get processed, and yet approval of such loans or credits isn’t a surety.
Same day loans can be of great help for people who face such predicaments, simply because, even a small loan that’s granted immediately can be good enough to take care of an emergency.
Here are a few exemplary situations that can justify applying for same day loans:
So, what are various options for same day loans in Australian finance market?
Payday loans are the most popular form of same day loans. Payday loans are approved against the applicant’s paycheque and are to be paid back over a short term ranging from 7 to 30 days.
Typically, payday loans are small (anywhere between $200 and $2,000). If you receive regular paycheques from your employer, you will generally not have any difficulties in getting a payday loan, regardless of how good or bad your credit score is.
It only takes a few minutes or an hour for lenders to make a decision regarding a payday loan application. Payday loans, once approved, are transferred to the applicant’s bank account within minutes.
Prominent features of a payday loan are:
There are some short term loans that need warranty/collateral/security from the applicant. These are essentially payday loans, only stretched over a longer period (up to a year, at times) and longer loan amount.
Once approved, funds are directly transferred to the applicant’s bank account. The applicant can expect to be able to use the funds within hours, if not minutes.
Salient features of secured same day loans are:
Most banks and other institutions take days, sometimes weeks, to arrive at a decision over a loan application. How is it, then, possible for payday lenders or other same day loan lenders to assess, scrutinize and approve loans in a day?
It’s rather easy to understand how this is possible for lenders. Most lenders arrive at a decisions regarding a same day loan application after a quick review of the applicant’s recent bank account statement (provided by the applicant while submitting the application).
If they are convinced that the applicant is duly employed (or has other passive sources of regular income), they find the application in a strong enough state to approve of.
It must be noted that most same day loan lenders do not base their decisions on the credit score of the applicant, only because, unsecured same day loans (payday loans, for example) are typically short term loans.
The most attractive feature of same day loans is that they allow the applicants to have access to the granted funds on the same day of the application (provided that no unforeseen bank delays occur and the application is not submitted on a bank holiday).
A generic chain of events for same day loans, including payday loans, unfolds in a manner detailed below: